The US "home improvement boom" is fading! Lowe's lowers its revenue forecast for fiscal 2022!

It is learned that according to foreign media reports, Dave Denton, chief financial officer of home furnishing retailer Lowe's, recently stated that American consumers' demand for home improvement and repairs may drop significantly in 2022, and the home DIY and decoration craze driven by the epidemic is fading.

Faced with the cooling of market enthusiasm, Lowe's expects same-store sales in the fourth quarter of 2021 to be between US$94 billion and US$97 billion, lower than the previous forecast of US$97.64 billion. Its same-store sales in fiscal 2022 will also fall by 3% or remain the same as in 2021.

However, Lowe's has also changed its strategic investment to respond to market changes. Lowe's has successfully helped itself gain an important share in the elderly market by launching its own brands and strengthening online sales. Now, Lowe's is planning to launch a modern decoration brand called Origin 21, and is also piloting delivery services in Florida and Ohio to speed up the delivery of large items.

It is learned that in the US home improvement market, sales of home repair and maintenance account for about two-thirds of the market share. Consumers pay more attention to the decoration of residences, offices, schools, gyms, and indoor and outdoor entertainment venues.

Editor ✎ Nicole/

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